Fondsmanagement in Deutschland: Was denken und tun die Akteure?
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Fondsmanagement in Deutschland: Was denken und tun die Akteure?
Lütje, Torben | Menkhoff, Lukas
Credit and Capital Markets – Kredit und Kapital, Vol. 38 (2005), Iss. 2 : pp. 285–311
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Torben Lütje, Hannover
Lukas Menkhoff, Hannover
References
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Abstract
This analysis is based on a written enquiry with 263 fund managers in Germany. These professional market actors visualize a marked herd instinct with other fund managers and a clearly psychological influencing of prices. By contrast, fund managers strongly rely on fundamental enterprise and market data as well as on discussions with colleagues and on technical analyses. To that extent, there is a discrepancy between markets deemed to be of poor efficiency and managers’ own rationality. We have identified room for improvement in the following three areas: (i) a herd instinct reflecting conformism at the same time; (ii) substantial value attributed also to non-fundamental information; (iii) application of diverse investment strategies whose conditions basic to success have not in all cases been satisfied.